Deutsche Bank said Pacific Basin Shipping (02343) has rallied 47% since the start of the year, and is now trading just under 1x 2017 P/B, which is DB's target price (HK$2.05).
The research house continues to expect an earnings recovery over the coming years, but it believes the stock should consolidate at these levels given the recent steep run-up. Hence, DB downgraded its recommendation to "hold" from "buy".
DB recommend switching to Cosco Shipping Energy Transportation (01138)(CSET). It rated CSET "buy", with a target price of HK$6.6.
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